If you thought you were going to get a deal on a Manhattan apartment this year, you might want to reconsider your big plans. A new report from Douglas Elliman shows that in the fourth quarter of 2015, the borough’s median sale price jumped 17 percent to $1.15 million, breaking a 27-year record, according to The Real Deal. If that wasn’t enough to make you pause, the report also shows that the average sale price increased 12 percent to $1.9 million and the average price per square foot rose more than 28 percent to $1,645, both record setters. And while co-op sales were down 4 percent, condo sales were up a staggering 28.6 percent, with a median price of $1.7 million. Luxury listings are in a class all their own; their median sale price reached $6 million, a 25 percent increase.
CityRealty recently released their Year-End Manhattan Market Report, which put the median sale price for the entire year at $1.1 million, 13 percent higher than 2014 and 60 percent higher than 2005. Elliman’s data looks at just the fourth quarter of 2015, and what drove the price increase, according to the report’s author Jonathan Miller, was new development closings. These made up nearly 19 percent of the quarter’s total sales and came in at an average of $2,210 per square foot. “You have more and more projects approaching completion. We’re seeing closings accelerate,” he said.
You can read the full Douglas Elliman report (PDF) HERE >>
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